Last Updated 10/1/19
We are excited to share that members voted to APPROVE the merger with Canyon State Credit Union!
Thank you to all members who voted and attended the special meeting. We are now completing the final steps to make the merger official on October 1, 2019.
There will be no immediate changes to your accounts. After October 1, we will create a road map that will outline the steps for merging systems and accounts in the most efficient and least disruptive way possible. We plan to roll out new products to all members by March 2020 and there will also be an improved mobile app and online banking platform that will go live in late summer 2020.
Thank you again for your participation in the merger vote. We are now Stronger Together!
Benefits of This Merger:
- Additional branch locations
- Expanded service and product offerings
- Continued standard of exceptional member service
- Greater financial strength and even better rates, higher dividends and fewer fees
- And all employees at both credit unions will retain their jobs!
More on Staffing Plans: Each and every employee of Deer Valley Credit Union and Canyon State Credit Union is needed and wanted. This consistency of staffing will allow our credit unions to continue to offer outstanding member service while we grow to meet the needs of our larger service community.
Future Growth and Member Benefits: As our bylaws and fields of membership combine to form our new, larger community-based financial institution, we will be well-positioned to serve a larger portion of the state as well as develop plans for future growth. As you will see in the Annual Report from DVCU and the Annual Report from Canyon State CU, our financials match up well and further demonstrate the good fit of the merger of our two institutions.
We are planning to sync the rates of both credit unions in September and will roll out new products to all members by March 2020. There will also be an improved mobile app and online banking platform that will go live in late summer 2020.
Here's why these two leaders support the proposed merger!
We are Stronger Together
We're excited to announce a proposed merger with Canyon State Credit Union!
On April 5, 2019 we announced a proposed merger with our friends and respective colleagues at Canyon State Credit Union (CSCU). This mutually beneficial merger will combine our two cooperative financial institutions so that we can:
- provide a greater selection of products and services
- provide additional conveniences
- strengthen our community impact
- and offer members an expanded branch network with 6 new locations!
Both credit unions are very happy about the opportunities this merger will bring for all of us. We hope you join us in embracing this collaborative initiative to help create a more prosperous future for both memberships!
The Deer Valley CU Anthem Branch is now open for Shared Branching. Canyon State members can now utilize this location or any of the other DVCU branches. All location details are found on the locations page of the Deer Valley website.
Frequently Asked Questions:
Will employees of the credit union keep their jobs?
Yes! We're proud to say that all employees at both credit unions will retain their jobs!
Will all branch locations stay open?
Yes! We're keeping all locations of both credit unions open! This map shows all of the branch locations.
When will the merger be final?
After a positive vote from Deer Valley members and final approval from regulators, we hope to finalize the merger late this summer.
What will the new credit union name be?
After the merger is approved by members and regulators, we will determine a name for the new credit union in early 2020.
How will my accounts be affected?
After the merger is official (late summer 2019), account and system experts from both credit unions will provide the most efficient and least disruptive solution for merging the two membership databases into one system. We'll provide frequent updates on the progress every step of the way, and work to make the transition as smooth as possible for you. Your accounts will not be affected until 2020.
Do I need to do anything now?
You do not need to do anything at this time. Please continue to conduct your banking transactions as you normally would. There will be no account changes until 2020.
What happens if I’m a member of both credit unions?
Nothing will change for you at this time. You should take note that you will have the opportunity to vote on the proposed merger at both of your member institutions. When voting takes place, please be sure you complete a ballot for each credit union.
You Can Help Us Grow Stronger Together
We truly feel that this merger is a perfect strategic fit. The new, combined organization will offer more products, services, and locations for all members and will position us with greater means to continue to offer you premium rates and excellent service long into the future.
When you receive your ballot we hope you vote in favor of our proposed merger. This will allow our not-for-profit financial institution to stay competitive, providing you what you want and need while continuing to support our local communities.
Our co-op financial industry continues to feel increased pressure from outside Financial Technology (FinTech) companies. We want to keep thriving as one of Arizona's best member-owned cooperatives!
We're already strong, but we can be stronger together!